Axgate엑스게이트

Axgate is a small security-software maker whose trailing profits are thinner than its recent share price run-up suggests.

Axgate sells network security hardware, software and monitoring services to large companies, public bodies and financial institutions. Trailing twelve-month revenue is ₩51.9B with operating income of ₩5.6B and net income of ₩4.4B as of H1 2026. The share price is ₩14,630, up 77.8% over one year but down 11.5% over the past month, and valuation multiples look high against the reported earnings.

What stands out

• Trailing revenue of ₩51.9B is up from ₩48.1B in 2025, but net income fell from ₩4.6B in 2022 to ₩4.4B on a trailing basis after a weak 2023 at ₩0.3B.
• Operating margin is 10.8% on a trailing basis, below the 14.1% reported for 2022, and the business has reported negative free cash flow of about ₩1.9B over the period.
• The stock trades at a P/E of 94.1 and P/B of 8.5, far above the peer group, where P/E ranges from 7.2 to 47.3.
• The company's own DCF-based fair value model gives a base of ₩1,013, bear ₩528 and bull ₩1,785, well below the current price of ₩14,630.
• Foreign ownership fell from 3.5% to 1.6% over 60 days, while the 20-day flows show foreign net buying and retail net selling; the data includes no recent news headlines.

What to watch

• The half-year report for June 2026 is already filed, so the next scheduled results are not in the data; check upcoming filings for the Q3 2026 report.
• A trading plan report for executives and major shareholders was filed on 2026-10-23, which may signal future share sales.
• Negative free cash flow and ₩10.6B of borrowings against ₩17.0B of cash are worth tracking in future filings.